User Account

All Pages

Journalize the journal entries to record the retirement

Assignment Help Accounting Basics
Reference no: EM132933083

Question - Withdrawal of a Partner - Greg is retiring from the partnership of Guera, Guil and Greg. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the capital accounts are: Guera, P530,000; Guil, P430,000 and Greg, P210,000.

Required - Journalize the journal entries to record the retirement of Greg under each of the following unrelated assumptions:

1. Greg retires taking P210,000 of partnership cash for her equity.

2. Greg retires taking P270,000 of partnership cash for her equity.

Reference no: EM132933083

Questions Cloud

Who is the targeted audience : Scenario is: You have to ask your parents to transfer money into your account while you are away at school.
What do learn from valuation allowance : What do we learn from valuation allowance? Know the investment classification based on intent and its issues and Know the basics of M&A accounting and issue.
Enhance the effectiveness and efficacy of functions : Reports on finances related to international business can offer recommendations relative to ongoing business success. What information/ evidence will ensure tha
Find a comparison of fasb and ifrs : Find a comparison of FASB and IFRS. Explain one of the differences between the systems that affect one area of international corporations.
Journalize the journal entries to record the retirement : The credit balances in the capital accounts are: Guera, P530,000; Guil, P430,000 and Greg, P210,000. Journalize the journal entries to record the retirement
What would be next year incremental operating cash flows : Should we include the consultant fee in our analysis? Please discuss why or why not? What would be next year's incremental operating cash flows (OCF)?
Outline an appropriate range of leadership skills : Range of leadership skills that would have been required by Schultz to make the supply chain transformational project at Vodafone a success
What amount of dividend revenue should be reported : A stock dividend of 10,000 shares from A Company when the market price of the share was P10. What amount of dividend revenue should be reported
Implanting international strategies : Three categories that a company must consider when implanting international strategies:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd